UK water firm gives US$1.35 million payout to finance boss despite massive debt
Thames Water has handed a delayed £1 million (US$1.35 million) “golden handshake” payment to its chief financial officer and agreed controversial retention payouts to top bosses despite its battle to secure its financial future. The stricken supplier, which is sinking under a debt pile of more than £20 billion, disclosed in a letter to the Environmental, Food and Rural Affairs Committee that it…
Thames Water, a UK water supply company, has paid £1 million (US$1.35 million) to its chief financial officer, Steve Buck, despite being deeply in debt. The payment, made in July from an emergency loan, was described as a "necessary incentive" to retain Buck when he joined the utility in 2025. Thames Water also agreed to give retention payments to a dozen top executives, despite a controversy earlier in the year over the payments.
The payments have come amid the company's efforts to secure a rescue deal from its senior creditors to avoid collapse. Thames Water is facing significant financial challenges, with a debt pile of over £20 billion, and has been criticized for continuing to pay retained payments while customers struggle with high water bills and the company's rivers are polluted.
River Action, an environmental group, called the payments "indefensible" and demanded the company be placed in special administration to clean up its rivers and serve its customers.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
